CECU Cec Unet

    RNS Number : 3915E
  CEC UNET PLC
  26 September 2008
   
    CEC Unet Plc ("CECU" or the "Company")
    Director's Shareholding

    The Company announces that the total equity interest held by companies that are directly or indirectly controlled by Dr Bruno Wu, an
executive director of CECU, is 46,954,993 ordinary shares of EUR0.01 each (the "Ordinary Shares"), representing approximately 8.76% of the
total issued share capital of the Company. 

    Dr Wu's interest in the Company is held through the following entities:

                                        Number of shares   Percentage holding 
 Sun Media Investment Holdings Ltd               783,921                 0.15%
 Global Woman Multimedia Co. Limited           1,550,000                 0.29%

 Interests held through Global Sun TV
 Escrow Limited: 
   NextMart Inc.                              16,821,254                 3.14%
    Sun Media Investment Holdings Ltd          4,249,818                 0.79%
    Global Woman Multimedia Co.                1,550,000                 0.29%
 Limited 

 Interests pledged to Evenstar Master
 Fund SPC1:
 Sun Media Investment Holdings Ltd             11,178,746                2.09%
 Nextmart Inc.                                 10,821,254                2.02%

 Total                                         46,954,993                8.76%

    Note: 1These interests, which total 22,000,000 Ordinary Shares, have been pledged to Evenstar Master Fund SPC ("Evenstar") in connection
with the subscription by Evenstar for US$3.2 million convertible bonds (the "Convertible Bonds") in the Company. The details of this issue
were disclosed in an announcement dated 7 May 2008.

    Dr Wu's total interest in the Company was incorrectly disclosed to be 51,954,993 Ordinary Shares (including the 22,000,000 Ordinary
Shares pledged to Evenstar) in the announcement by the Company dated 28 May 2008. The discrepancy is due to the return of 5,000,000 shares
by Sun Media Investment Holdings Ltd ("SMIH") to CECU. These 5,000,000 shares are now held in Treasure by the Company. 

    The transfer of the 5,000,000 shares by SMIH resulted from the cancellation of the acquisition of 21st Century News Agency Limited
("21CN"), a company providing media content in China, in December 2007. As announced on 14 March 2007, CECU acquired 21CN from SMIH for a
consideration of �1 million. This was satisfied in full by the allotment of 5,000,000 ordinary shares at a price of 20p each (the
"Consideration Shares") to Global Sun TV Escrow Limited (the "Escrow Agent"). Under the terms of the acquisition agreement, the Escrow Agent
held the Consideration Shares on behalf of SMIH, and would only release the Consideration Shares to SMIH, in the event that the profit after
tax of 21CN for the financial year ended 31 December 2007 was no less than �200,000. Through a review of 21CN's management accounts in
November 2007, it became clear that 21CN would not achieve the necessary profitability. In addition, following the change of CECU's business
strategy, the Directors of CECU considered that the business of 21CN was no longer in line with the current core business of the Company. Therefore, the acquisition of 21CN by CECU was subsequently
cancelled by the Company returning the database and electronic rights back to SMIH and the Escrow Agent returning the 5,000,000 shares to
CECU. The return of the 5,000,000 shares to CECU was disclosed in the Company's Annual Report and Accounts 2007. 


    - End - 
    For further information:
 Jerry Niu    CEC Unet Plc                        + 86 10 8776 2828
 Paul Quade   CityRoad Communications             020 7248 8010 / 07947 186694
                        


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